Alliott NZ is a proud member of Alliott Group, a worldwide alliance of independent accounting, law and consulting firms

Celebrating its 40th year in business, Alliott Group aims to become a Top 10 Global Alliance by the end of 2021.

A dynamic and ambitious approach spearheaded by a new Executive Office team has resulted in 2019 being one of their most successful recruitment years, with 13 firms joining in the last eight months.

The alliance is actively seeking accounting and law firm members in the APAC region but particularly an accounting member in Brisbane, Australia, following the merger of long-standing previous member Hanrick Curran into the Mazars partnership earlier this year.

New GST rules for low-value imported goods

From 1 December 2019 overseas businesses selling low-value goods to consumers in New Zealand must charge GST at the point of sale if they meet the GST registration requirements, including a NZ$60,000 turnover threshold.

Low-value goods are physical goods valued at NZ$1,000 or less (excluding GST), such as books, clothing, cosmetics, shoes, sporting equipment and electronic items. Goods sold for more than NZ$1,000 will continue to be taxed by Customs at the border as they come into New Zealand.

Commissioner welcomes Select Committee’s Privacy Bill report

“The Committee has listened to submitters and the reported back Bill contains measures to ensure the law addresses some of the most pressing aspects of the modern digital economy.

The law will now explicitly set out when agencies that collect, process and use New Zealanders’ personal information will have to comply with New Zealand law – regardless of whether these agencies have a brick-and-mortar presence on our islands.

Alliott Group’s global tax news in one monthly digest

Asia Pacific Tax News

BJP pledges to revise income tax brackets if re-elected

India’s ruling BJP party says it will revise income tax brackets if re-elected in the seven-phase general election, starting from 11 April. “We are committed to further revise the tax slabs and the tax benefits to ensure more cash and greater purchasing power in the hands of our middle-income families,” the BJP said in its election manifesto.Times of India

New NZ employment law

From 1 April 2019, employees who are affected by domestic violence will have new entitlements and rights.

They can take up to 10 days’ paid leave each year, can request a variation to their working arrangements, and can raise a personal grievance, or unlawful discrimination claim, if their employer treats them adversely because they are affected by domestic violence.

These new entitlements and rights come from the Domestic Violence – Victims’ Protection Act 2018 (Act).

Alliott Group’s monthly global tax digest for March

Welcome to March’s edition of TaxPulse

Asia Pacific Tax News

China unveils $298bn tax cuts to boost growth

Chinese number two Li Keqiang has outlined plans to cut billions of dollars in taxes in order to boost the world’s second-largest economy. Mr Li told 3,000 delegates at the National People’s Congress that China would aim to deliver nearly 2 trillion yuan ($298bn) of cuts in taxes and other company fees. A value-added tax for transportation and construction sectors will be reduced from 10% to 9%, and VAT for manufacturers will fall from 16% to 13%, he said.BBC NewsSouth China Morning PostChina Daily

Asia Pacific Tax News

China tax cut package to stimulate economy

China will cut value-added tax rates for selected industries and provide tax rebates for others as part of its efforts to boost a slowing economy. Government officials said they would cut taxes “on a larger scale” in order to boost business activity. JPMorgan Chase & Co. economists estimate the total impact of the tax cuts will be around 2trn yuan ($300bn), or 1.2% of GDP. Tax cuts for graduates and low-income workers have also been announced in a stimulus drive to fend off the effects of the economic slowdown. Companies which hire people designated as “needy” will also qualify for a tax deduction of 6,000 yuan per person per year for three years.Financial TimesBloombergChina Daily

January TaxPulse by Alliott Group

ASIA PACIFIC

Chinese leaders promise tax cuts to boost flagging economic growth

China’s top economic policymakers promised more tax cuts and increased funding for infrastructure at a key annual planning meeting last month, as US tariffs and weakening domestic consumption added to downward pressure on growth. China’s economy slowed to 6.5% year-on-year growth in the third quarter of 2018. “The pro-active fiscal policy should enhance efficiency, implement larger-scale tax cuts and fee reductions, and substantially increase the size of local government special bonds,” state news agency Xinhua said in a translation provided by Reuters.CNBCFinancial TimesSouth China Morning Post